DUBLIN--(BUSINESS WIRE)--The "Vehicle Access Control Market by Biometric, Non-biometric (Stolen Vehicle Assist, Keyless, Immobilizer, Alarm, Steering Lock), Technology (Bluetooth, NFC, RFID, Wi-Fi), Vehicle Type, EV & Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Vehicle Access Control Market is Projected to Grow from USD 10.8 Billion in 2020 to Reach USD 22.6 Billion by 2027, at a Cagr of 11.2%.
The rising demand for safety & security features and technological advancements in the automotive industry are significant factors for growth of vehicle access control market globally.
Increasing demand for connected vehicles need for a multi-factor authentication system, rising demand for mid-sized cars, and convenience are factors expected to boost the market. However, changes in technology require high innovation cost, and the threat of cybersecurity for the biometric system will be a challenge for the growth of the market.
Increasing emphasis on safety and security features are likely to propel the growth of the market during the forecast period.
There has been a rapid increase in technological advancements in the automotive industry related to vehicle theft systems. The growing demand for advanced safety and security features that increase the convenience and safety of passengers is now an attractive opportunity for suppliers as consumer preferences are shifting. Several companies have developed application-based features that enable smartphone integration in the vehicle, eliminating the need for multiple devices, keys, and systems installations. OEMs are focusing on features such as enhanced biometric systems to improve the appearance of interiors and personalization. Fingerprint and face recognition are the major upcoming biometric vehicle access controls that will significantly drive the market.
Asia Pacific is expected to register the fastest growth during the forecast period.
Majority of OEMs are planning to launch cars that have biometric feature pre-installed, over the next few years. With rapid urbanization, increased disposable income, and endeavor to implement advanced technology, OEMs are investing heavily to develop vehicle access control with better and reliable authentication. The stolen vehicle assist has been the primary focus by premium cars to reduce the theft and insurance in automotive. Moreover, China, Japan, and South Korea in the region are highly focusing on the development, testing, and deployment of biometric system authentication. China is all set to deploy fingerprint recognition by 2020 in the Hyundai Sante Fe model.
Europe is expected to have the second largest market during the forecast period.
Europe accounted for the second largest market in 2020. It is a major hub for several renowned OEMs including Volkswagen, Daimler, Renault, Volvo, and others. Germany is the largest market in the region. The country is likely holding the largest share of in the global market by 2027. The country has sufficient investment in technology and production of premium car segments for the testing of vehicle access control. As per industry experts, Germany OEMs would soon deploy vehicle access control systems, especially biometric authentications for PCs and LCVs, on a large scale.
Market Dynamics
Drivers
- Growing Demand for Connected Cars
- Multi-Factor Authentication for Vehicle Access
- Technological Advancements in Vehicle Anti-Theft Industry
- Rising Vehicle Theft
Restraints
- Potential Failure of Electronic Components Used in Biometric Systems
Opportunities
- Electric Cars in Automotive Industry
- Rising Demand for Safety Features
Challenges
- Risk of Cyber Attacks Due to Increased Connectivity
- High Cost of Vehicle Access Control Systems
Companies Mentioned
- Aptiv Plc
- Biodit
- Calamp
- Continental AG
- Deepglint
- Denso Corporation
- Fingerprint Cards Ab
- Huf Hlsbeck
- Hypr
- Intellicar Telematics Pvt Ltd
- Johnson Electric
- Lear Corporation
- Methode Electronics
- Mitsubishi Electric
- Naunce Communication
- Omron Corporation
- Onstar
- Precise Biometrics
- Robert Bosch
- Sanji Security Systems
- Synaptics Incorporated
- The Club
- Tokai Rika
- U-Shin Ltd.
- Valeo
- Voxx International
For more information about this report visit https://www.researchandmarkets.com/r/m2z6v4
